HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Message: Cliffs bought UC McFauld lake property
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MVH.....only time will tell if this was a 'good move/bad move'. If UC can use the $6 million to find some 'gold' in Mexicio to raise the SP, it was worth it, IMO

As Hoov pointed out:

- cost to maintain claims in RoF is approx $1 million/year

- spend apporx $4.5 million over the last few year

- cost to drill in RoF over 3 times the amount is costs to drill in mexico

This can/will be debated for years.

I compare this to a hockey trade (any trade really). Back in the late 80's, early 90's (don't remember exactly), the Leafs traded a 1st round draft pick for Tom Kurvers to the NJ Devils. An okay trade at thet time, however, the Devils used that pick to select Scott Niedermayer (captain of the 2010 Vancouver Olympics gold medal hockey team--for those who dont' follow hockey, GoldFinger, haha)-------obviously, not a good trade for the Leafs if you compare the 2 in hindsight

Hindsight is always 20/20

Same hold true here--if UC used the $ to make a big splash in Mexico and raise our SP considerable, we are all happy (assuming you actually buy some UC) and it was a good move. If they don't and Cliff's find some 'stuff' on the property, it wasn't.

Am I happy today, not really, but we need time to let it all play out.

I am heavily invested in the RoF (for me) and beleive it will be the next major mining camp in Canada, so I would like to see UC benefit for their holdings up there---they might, if they put the $6 million to good use in Mexico

GLTA

Trace

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